Can Financial Aid access your bank acount information?

If it’s in your account, there is no reason for anybody to think it is not your money. I would suggest an IRA or Certificate of Deposit to your friend.

It is on your credit report. Have you considered the policy of properly documenting the transaction? If you properly document the transaction then the only thing you have to fear is the discomfort of the audit.

If you put it into one of your bank accounts, it is your money. Tell your friend to put it under his mattress or get a safety deposit box.
There is no way to prove it isn’t your money if your financial aid people learn it’s in one of your accounts.

It isn’t your money just because it is in your bank account. Consider, for counterpoint only, money which was accidentally recorded to the wrong account.

Yes Financial Aid can look at your bank statements if you are over the age of 25 and have had a full time job prior to applying for aid prior to the last fiscal year.

I have had people ask me to hold money for them before and always said no. Not only for reasons like you stated, like the IRS or Financial Aid finding out. The people asking for help with such things are usually very shady and up to something. Maybe they are behind on their child support and don’t want it found, or there is a warrant out and they don’t want to be traced. Maybe the money is stolen or illegal. Why on earth would a normal law abiding citizen not be able to open their own savings account? Is there some reason they are afraid to put forth the ID required to do so (such as being an illegal alien?) All the people I knew who asked were shady with a capital S. If his only reason is because he lacks the willpower to not spend it, he can invest in savings bonds or CDs or ask his bank for options similar that require him to wait to take the money out. Chances are though, something shady is going on.

The last guy who asked me had been evading the IRS for 15 years. As soon as he got an account in his name, they took their money back. You don’t want to find yourself complicit in somebody else’s mess, nor do you want the later arguments or accusations if the bank takes out some fees or interest. Let him handle his own business.

@judochop So if I am under 21 and is a full time student with no job Financial aid cannot?

@escapedone7 My friends is someone you call a shopaholic; he/she wants to save up to buy a car, but they were to hold the money it will be completely gone lol

Right.

@escapedone7: Asset protection is not “shady with a capital S”.

@malevolent do you walk up to neighbors and casual friends and ask them to hold thousands of dollars for you? I said in my experience it was always shady because in all my personal experiences it absolutely was shady. A guy I knew who was evading the IRS was only one example. One was an insurance salesman that had embezzled money from clients and wanted his accounts to not reflect it. Most people I know use professionals to handle their money. Banks, stockbrokers, financial advisors. Why would you go hand your money to your buddy you play pool with after work? I stand by my knowledge earned through my own experiences. Shady. There are plenty of ways to invest money in a safe place under your OWN name. How about putting it in a safe deposit box and mailing the key to the friend? That would be a lot less shady than making her put it in her name anyway. If you can’t see this can be a bad idea in some instances, you’re very naive.

@escapedone7: Maybe we keep different company.

@malevolentbutt somehow I doubt that. Still if you’ve never met anyone evil, perhaps now you have. I’m hungry for butt. I have a very good recipe for butt. Boston Butt Roast. Hmmmmm. Hannibal’s got nothing on me. You are already on a plate. It’s got my appetite going. I love eating a good porky butt.

Since you are gullible maybe I should use you to launder some money for me first. You may be worth something…. nah. I’m hungry.

@escapedone7: “How about putting it in a safe deposit box and mailing the key to the friend?” <== MrGeneVan’s friend wouldn’t be helped by this in the least. MrGeneVan’s friend would simply have a weak moment and take out the money.

The idea was MrGeneVan keeps the safe deposit key.

@jaytkay: A key isn’t needed to get into your own box (unless it is an anonymous box and those are illegal in the USA).

@malevolentbutticklish I did not know that, thank you